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4 Industries That Are Drowning Quickly

It goes without saying that everyone is struggling with today’s current economic situation. You or someone you know has definitely been affected by how things have changed. However, when it comes down to it, some industries are struggling more than others. Although some industries are struggling, there may be some benefit in it for you.

1. Retail

Retailers are losing money left and right. Even those discount retailers that are faring better than others are still down in sales compared to this time last year. If retailers don’t find a way to keep the customer coming back, they will lose them altogether and in turn go out of business which we have seen happen to many just this year (i.e. Linens and Things and Circuit City). When times are tough it is beneficial for you (if you have the money) to take advantage of all the sales and discounts that are going on at all retailers.

2. Car Sales

Now is definitely the time to buy. Dealerships are practically giving cars away nowadays and in some states you can even get a tax break for purchasing a car in 2009. Car sales were down considerably last year and dealerships have a lot of excess inventory since sales did not go as they would have expected (or have liked). If you have been putting off buying a car because you were short on money, now might be the time. Instead of putting a lot of money towards fixing up your old car (just to have it break again), put money towards a newer car and possibly save in the long run.

3. Travel

Have you looked online at flights or hotels lately? Dirt cheap. Okay, you still need to search and do your research to find the best deals, but considering how expensive vacations have been in the past, now is the time to go. The problem is that instead of spending money towards a vacation, people are trying to save more money for the future. If you feel like you have been saving in the past for a chance to go on vacation, now is definitely the time to travel if you have the vacation time and the funds. You may end up spending a lot less than you had anticipated.

4. Real Estate

It is not necessarily to buy or sell a home right now. Without having enough money to purchase your home, getting a mortgage or a loan can be difficult. However, like everything else, people have to bring down the costs of their homes in order to sell them and move on. Also, people are benefiting from foreclosures and getting the houses for cheap. Although nobody wishes upon anyone else that a foreclosure happens to them, it is undeniable that in such a tough economy people are going to lose their homes.

As the economy continues to struggle, right now is definitely a buyer’s market. The question is, with all the job losses and cut backs, do you have enough money to take advantage of how cheap things have become? Make sure that before you start spending whatever money you might have, you take time to think about whether you may need it for something more important or urgent in the future. Although these industries might be struggling, there are other jobs that are doing pretty well considering the current situation. Maybe one of those jobs is the right fit for you!

Read more from Hannah Waters on Geezeo’s Money 101 blog

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